Form 1098-T Tuition Statement

If you had qualified education-related expenses, you should receive Form 1098-T: Tuition Statement from Ivy Tech. Use this form when calculating your tax returns to find out if you are eligible to receive a tax credit. A tax credit reduces the amount of income tax you have to pay. You may be more familiar with deductions, which reduce the amount of income subject to tax. However, a credit directly reduces the tax itself.

Here is a brief overview of the Hope and Lifetime Learning Tax Credits:

HOPE CREDIT

You may be able to claim a Hope credit of up to $1,500 for qualified tuition and related expenses paid for each eligible student. The Hope credit may be limited by the amount of your income and the amount of your tax.

LIFETIME LEARNING CREDIT

You may be able to claim a lifetime learning credit of up to $1,000 for qualified tuition and related expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student. The lifetime learning credit may be limited by the amount of your income and the amount of your tax.